BRANDS

Rolex Appointed New CEO

Famous Swiss watchmaker Rolex made an unexpected management change, appointing Riccardo Marini as its new CEO, just two years after the ex chief executive, Bruno Meier had headed thecompany.

Marini previously led the Rolex Italia, said the world’s biggest manufacturer of luxury timepieces. However, its spokeswoman Virginie Chevailler didn’t give any precise detail about this surprising decision.

“The board has decided to update corporate structures in order to continue the dynamic development of the brand, prepare for the future and cope with a pickup in markets, especially emerging markets,” said Chevailler.

Meier has been chief executive of Rolex since 2008, succeeding Patrick Heiniger, who led the company for 16 years. Although the Hans Wilsdorf foundation that controls Swiss company has never revealed financial details, some analysts estimate Rolex sales in 2010 to 4.4 billion Swiss francs ($5.1 billion). After the low economic activities during the global crisis, Rolex made great results thanks to increasing demands for luxurious watches in emerging markets.